[company]([company code 股票代號]) [time:YYYYQQ] 法說會簡報
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This presentation may contain forward-looking statements including Posiflex’s current goals and expectations of its industries, future financial condition, performance and results, products, share positions, growth and profitability, business outlook, and other statements that are not historical facts. By their nature, all forward looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Posiflex's control including, amongst other things, domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing and impact of other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which Posiflex and its affiliates operate. As a result, Posiflex's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Posiflex's forward looking statements. Posiflex undertakes no obligation to update the information and forward looking statements contained in or any other forward looking statements we may make.
Company Overview
Group Identity & Vision
振樺集團為全球商用智能物聯網(Commercial AIoT)之領導者，致力於線上線下整合解決方案(O2O Solutions)與場景定義之智能物聯邊緣運算平台(Scenario-defined Embedded Appliance Solutions)。 振樺集團以賦能生產力優化及提升客戶體驗為核心宗旨。 商用智能物聯網之領導者。 Leading Commercial AIoT Platform powered by Embedded O2O Solutions.
Growth History & Business Model Evolution
- 1984 - 2016: Business Model, Brand & Channel
- 2016 - 2017: Vertically Integrated
- 2018 - 2021 and beyond: End-to-end Solution (HW + SW + MS)
Global Footprint & Brand Recognition
- 全球佈局 – 台灣製造
- Milan, Italy
- Consolidated Fabrication & Managed Service Site In Greater Denver Area Under Construction
- 振樺品牌獲得國際獎項認可
Key Corporate Information
- 自3Q2022起，華碩持有瑞傳45%股份。
Business Segments
Core Business Units
集團包含三大事業：
- 振樺電子: 銷售終端系統(POS)及週邊設備之全球前五大品牌。
- 瑞傳科技: 專精於產業物聯研製服務(Embedded Foundry)。
- KIOSK Information Systems (KIS): 提供軟硬整合自助服務解決方案，並完整涵蓋遠端監控及場域維運。
Scenario-Defined Appliance (SDA) Business Model
SDA(“Scenario-Defined Appliance”) – 場景定義智能設備為振樺集團近年來在品牌及專案基礎上進化之商業模式，提供軟硬整合場景解決方案。
- 定位: 此商業模式與一般系統代工及板卡開發應用定位不同，除品牌通路外，核心夥伴及直接客戶是場域運營商的核心軟體部門及第三方智能軟體開發商(AIoT ISV)。
- 運作模式: 一般來說由核心夥伴下單、出貨由我方以整體解決方案形式直接佈署於最終應用場域。SDA除了協同設計整合之外、負責所有的供應鏈、生產、物流以及後續的維運服務。
- 營收模式:
- 客戶如是終端運營商，維運服務相關管銷費用已包含在售價及毛利當中。
- 客戶如是AIoT ISV則以一次性硬體銷售搭配訂閱制成就經常性的服務收入。
- 應用範例:
- 旗下KIOSK以逆向物流與AIoT ISV夥伴共同服務全球電商龍頭以及智慧醫療、旅遊娛樂相關自助服務解決方案為主。
- 瑞傳方面則以AI半導體測試平台及資料中心管理伺服器佈署為代表。
- SDA商業模式之關鍵詞:
- 軟硬及週邊整合之終端解決方案。
- 以應用場景為核心。
- 賦能運營科技軟體夥伴。
- 客製化程度高，一般為中長期獨家合作。
- 貼近跨國場域的服務能量與研發設計同等重要。
Revenue Contribution by Vertical Market (Focused Vertical Market & Growth Stage)
- Digital Healthcare: 50%
- Retail & Hospitality: 26%
- Edge AI & DMS: 10%
- Smart City & Entertainment: 5%
- SDN Cloud & Infrastructure: 6%
- Fintech & Logistics: 3%
Solutions
- O2O Solutions 線上線下解決方案
- Embedded Foundry 產業物聯研製中心 (Open Network Solution)
Products & Technologies
Key Product Names & Concepts
- Mozart Video: 振樺團隊與導演黃明春合作，與知名音樂大師櫻井弘二攜手，編寫振樺電專屬的小星星變奏曲，整個樂團在振樺總部音樂廳演出，透過活潑輕快聽覺饗宴體驗感受Mozart產品所帶來愉悅且獨特的魅力。這不僅是一支影片，更是Posiflex品牌協同共譜的交響演繹。
- SCO Series: AI-Powered Checkout, Streamlined Operations (AI-Enabled Self-Check-Out Kiosk)
- Revolutionizing retail and food service with AI-powered Self-Checkout Kiosks, featuring seamless product recognition, multiple payment options, and advanced barcode scanning and AI recognition for a smooth checkout. Available in countertop and standalone models.
- SOK Series: Revolutionizing Restaurants with Smart Ordering (AI-Enabled Self-Ordering Kiosk)
- Enhance the dining experience with our new self-ordering kiosks, designed for restaurants and food service providers. Featuring multilingual voice interaction, high-resolution touch screens, and an elegant design, these kiosks engage consumers while streamlining the ordering process with integrated payment systems and thermal printers.
Solutions by Business Unit
- KIOSK: 以逆向物流與AIoT ISV夥伴共同服務全球電商龍頭以及智慧醫療、旅遊娛樂相關自助服務解決方案為主。
- 瑞傳: 以AI半導體測試平台及資料中心管理伺服器佈署為代表。
Clients & Markets
Target Clients & Partners
- 場域運營商的核心軟體部門 (Core software departments of field operators)
- 第三方智能軟體開發商(AIoT ISV) (Third-party AIoT ISVs)
Key Vertical Markets
- Retail & Hospitality
- Fintech & Logistics
- Edge AI & DMS
- Smart City & Entertainment
- Digital Healthcare
- SDN Cloud & Infrastructure
Geographic Mentions
- 中東市場 (Middle East market) - mentioned in context of O2O Solutions demand slowdown.
Financial Highlights
2025前三季 - 營運概況 (1-3Q 2025 Operating Results)
(新台幣)
| Metric (項目) | 3Q2025 | 1-3Q 2025 | 1-3Q 2024 | 1-3Q YoY Change |
|---|---|---|---|---|
| 合併營收 (Consolidated Revenue) | 3,500M (100%) | 15,252M (100%) | 9,001M (100%) | +69.5% |
| 營業毛利 (Gross Profit) | 1,559M (44.5%) | 7,517M (49.3%) | 4,053M (45.0%) | +85.5% |
| 營業費用 (Operating Expenses) | (774M) (22.1%) | (3,471M) (22.8%) | (2,545M) (28.3%) | +36.4% |
| 營業利益 (Operating Income) | 785M (22.4%) | 4,046M (26.5%) | 1,508M (16.8%) | +168.3% |
| 稅前息前折舊攤銷前獲利 (EBITDA) | 859M (24.5%) | 4,263M (28.0%) | 1,761M (19.6%) | +142.1% |
| 業外收益/費用 (Non-operating I/E) | (258M) (7.4%) | (1,363M) (8.9%) | (491M) (5.5%) | - |
| 淨利歸屬於母公司 (Net Income to Parent) | 461M (13.2%) | 1,703M (11.2%) | 646M (7.2%) | +163.6% |
| 淨利歸屬於非控制權益 (Net Income to NCI) | 125M (3.6%) | (51M) (0.3%) | (6M) (0.1%) | - |
| 普通股每股基本盈餘 (Basic EPS) | 3.57 | 15.84 | 8.02 | +97.5% |
Key Metrics & Performance Remarks:
- 獲利表現 (Profit Performance): 今年前三季集團在營收規模擴增及產品組合持續優化下，獲利表現較去年同期顯著成長，前三季EPS較去年同期近倍成長至NT$15.84。
- 營業利益 (Operating Income): 規模經濟帶動下，前三季營業利益NT$4,046M，年增168.3%，營利率年增9.7個百分點至26.5%。
- 毛利率 (Gross Margin): 前三季毛利率年增4.3個百分點，主因集團持續優化商業模式，主攻系統品牌、場景定義智能設備及高階醫療運算。
- 營收成長 (Revenue Growth): 前三季營收年增長69.5%。
- 線上線下解決方案(O2O Solutions)主係中東市場需求放緩影響，整體營收持平。
- 產業物聯研製中心(Embedded Foundry)則因AI半導體檢測平台拉貨動能強勁，營收較去年同期躍增107%。
- EBITDA Margin: 前三季EBITDA Margin達28.0%，顯現集團本業現金流健康穩定。
- 業外收益 (Non-operating Income): 第三季認列匯兌利益44百萬元及特別股利息費用迴轉約77百萬元。
- 營業費用 (Operating Expenses): 因營收與獲利顯著成長，績效獎金提撥增加，前三季營業費用年增36.4%。
2025/9/30 - 資產負債表 (Balance Sheet)
(NT$)
資產 (Assets)
- 土地廠房及設備 (Land, Plant & Equipment): 3,850M
- 其他非流動資產 (Other Non-current Assets): 4,545M
負債&權益 (Liabilities & Equity)
- 流動負債總額 (Total Current Liabilities): 4,182M
- 短期 + 一年內到期長期 借款 (Short-term + Current portion of Long-term Borrowings): 3,864M
- 其他流動負債 (Other Current Liabilities): 318M
- 非流動負債總額 (Total Non-current Liabilities): 717M
- 長期借款 (Long-term Borrowings): 62M
- 特別股負債 (Preferred Stock Liabilities): -
- 其他非流動負債 (Other Non-current Liabilities): 655M
- 負債總額 (Total Liabilities): 4,899M
註1: 淨現金部位=現金與約當現金-短/中長期借款 (Net Cash Position = Cash & Cash Equivalents - Short/Medium/Long-term Borrowings)
Outlook & Strategy
Strategic Initiatives & Plans
- 商業模式進化 (Business Model Evolution): 場景定義智能設備 (SDA) 作為近年來在品牌及專案基礎上進化的商業模式，提供軟硬整合場景解決方案。
- 優化商業模式 (Optimized Business Model): 主攻系統品牌、場景定義智能設備及高階醫療運算。
Overall Strategic Direction
- Leading Commercial AIoT Platform powered by Embedded O2O Solutions.